iSun sold $1.7 million in Development Assets to Fusion Renewable NA and executes $8.3 million in EPC contracts on the projects
October 25, 2022 09:00 AM Eastern Daylight Time
WILLISTON, Vt.–(BUSINESS WIRE)–iSun, Inc. (NASDAQ: ISUN) (the “Company,” or “iSun”), a leading solar energy and clean mobility infrastructure company with 50-years of experience accelerating the adoption of innovative electrical technologies, announces that it has sold 6.1 MWs of solar assets for $1.7 million to Fusion Renewables and executes EPC contracts for $8.3 million to complete the development and installation of those assets.
- Revenue of $10.0 million, $1.7 million for asset sales and $8.3 million in EPC work
- 6.1 MWs of projects in Vermont
- Valuation creation at each stage of a solar assets’ life cycle
- Leverages iSun’s development and EPC services
- iSun retains long-term asset ownership through Fusion Renewable NA partnership
“When we began the implementation of our solar platform in 2021, these are the exact types of transactions that we envisioned” said Jeffrey Peck, Chairman and Chief Executive Officer of iSun. “We were able to add value to each stage of the solar assets’ life cycle for our partners. We utilized our existing relationships to acquire early-stage assets from a long-term developer partner, sold those assets to our joint venture with Fusion Renewable and executed EPC contracts to complete the installation. iSun’s ability to participate at each stage of a solar asset maximizes the value for the asset owner. We are able to support development, design, engineering, procurement, construction and O&M for residential, C&I and utility scale projects. This uniquely positions iSun to engage with our customers at any stage. We pride ourselves on our years of experience and have positioned the Company to handle all challenges that occur in creating a long-term asset for our customers.”
About iSun Inc.
Since 1972, iSun has accelerated the adoption of proven, life-improving innovations in electrification technology. iSun has been the trusted service provider to Fortune 500 companies for decades and has installed clean rooms, fiber optic cables, flight simulators, and over 600 megawatts of solar systems. The Company currently provides a comprehensive suite of solar services across residential, commercial, industrial & municipal, and utility scale projects and provides solar electric vehicle charging solutions for both grid-tied and battery backed solar EV charging systems. iSun believes that the transition to clean, renewable solar energy is the most important investment to make today and is focused on profitable growth opportunities. Please visit www.isunenergy.com for additional information.
About Fusion Renewable NA
Fusion is a renewable energy developer and financer with funding from leading Israeli investors in joint venture with iSun, Inc. The partnership de-risks the initial phases of the development process while optimizing value with a local partner in the USA energy market. Fusion’s capabilities in business development, real estate, and energy pair with iSun’s engineering and construction capabilities. The JV has secured sponsor equity for its solar development assets, enabling the rapid growth of the business.
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